Category: VAT

Supermarkets under spotlight for tax evasion

Three major supermarkets are under investigation for tax evasion by the Fiji Revenue and Customs Services. In an exclusive interview with FBC News, Revenue and Customs chief executive, Visvanath Das says the non-compliance by any one of the three supermarkets could amount an average of fifty million dollars each. Hot...

Argentina To Look To VAT To Fund Income Tax Cuts

Argentina is reportedly considering shifting the burden of tax towards consumption, to bring the country’s corporate tax rate down to a competitive level. Specific measures are expected to be tabled before lawmakers soon. It is anticipated that there could be a 10 percent cut to the corporate income tax rate,...

HMRC wins majority of tax avoidance cases

HMRC has continued to win the majority of its tax avoidance litigation cases this year, new figures published by the Revenue on Monday have shown Of the 26 cases where HMRC considered tax avoidance was involved in 2016/17, 22 were won by the Revenue, three were lost and one had...

Japan Urged To Adopt 15 Percent VAT Rate

Japan should commit to new gradual increases to its consumption tax rate, beyond 10 percent, to help rein in its substantial deficit, a new report from the International Monetary Fund says. It said the Government should “place emphasis on a gradual, pre-announced schedule of consumption tax rate hikes, of 0.5...

Romania Should Avoid Further Tax Cuts: IMF

Noting a substantial drop in the tax burden in Romania, the International Monetary Fund has called on lawmakers to avoid further tax cuts. The IMF said that successive tax burden-cutting measures, impacting value-added tax (VAT), fuel excises, and health contributions had resulted in a drop in revenue worth nearly 2.5...

HMRC launches Making Tax Digital pilot

HMRC has launched its Making Tax Digital for business pilot to test out its new reporting system, with a year to go before businesses with turnovers above the VAT threshold are required to switch to digital records and provide quarterly summary updates from April 2019 This month HMRC says it...

Slovakia Urged To Redouble Efforts Against Tax Evasion

Slovakia should tackle value-added tax and corporate tax evasion, the International Monetary Fund has said. In its annual report for the country, the Fund said that measures to target tax fraud and non-compliance have reduced the VAT gap – the amount lost compared with the theoretical maximum were the headline...

Finance Bill confirms measures to crack down on tax avoidance

The 2017 Finance Bill was published on Monday 20 March, introducing dozens of initiatives with a focus on improving and modernising the tax system The Treasury said the bill, which is over 700 pages in length, “continues the government’s crackdown on tax avoidance” and “improves the fairness of the tax...

President Trump eyes border tax on Mexico, China and Germany

The Trump White House favours a “flexible” border adjustment tax targeting countries with which the United States runs big trade deficits, including Mexico, China and Germany, the President’s top trade and industry adviser said. Peter Navarro, a sceptic of free trade, wants the US to entice advanced manufacturing production onshore...

What Is A Border Adjustment Tax?

The phrase “border adjustment tax” has been in the news recently, with it being a part of the GOP’s “A Better Way” Blueprint (available here). What exactly, though, is a border adjustment tax? While there are several tax aspects to the GOP Blueprint, for brevity this posts regards only border...

Israel Tax Authority Deems Bitcoin a Taxable Asset

The Israeli Tax Authority has issued an official draft circular to clarify the tax guidelines that apply to bitcoin adopters. In an announcement last week, the Israel Tax Authority released its draft [PDF] on the proposed taxation of virtual currencies which are considered “assets”. Pointedly, the announcement also cites the...

In Slovakia, 2017 brings new tax legislation

The Slovak Government and Parliament made several changes to the tax system with effect from 1 January 2017. The recently adopted amendments concern – among others – corporate and personal income tax, value added tax, special levy in regulated industries, as well as social security and health insurance contributions. Here...

South African Tax Bills Approved By Parliament

South Africa’s Ministry of Finance has published the 2016 Taxation Laws Amendment Bill (TLAB), which has received parliamentary approval and gives effect to the tax changes announced in the Budget in February this year, together with legislation confirming the final details of the Special Voluntary Disclosure Program (SVDP). With changes...

Gov’t keen to tax operations with offshore companies

Azerbaijan’s Taxes Minister Fazil Mammadov announced that operations with offshore companies are planned to be a subject of taxation in the country. Mammadov spoke about the changes to the Tax Code in a meeting of Azerbaijan’s parliamentary committee on economic affairs, industry and entrepreneurship. In tote, some 201 amendments and...

Rate Competition Is New International Tax Planning Reality

Lower corporate tax rates around the world are expected to play an important part in multinational companies’ tax planning in 2017, with a rate as low as 15 percent on the table in the U.S. and countries such as the U.K. planning to maintain or lower their current rates. A...

Bermuda is world’s worst corporate tax haven, says Oxfam

Four UK territories in list ‘undermine Britain’s efforts to be responsible member of the international community’ Bermuda is the world’s worst corporate tax haven, according to a list by Oxfam, which includes three other UK territories among those it names and shames. The charity’s list of the “world’s worst” 15...

Taxman targets Real and Barca over fraud, says report

Giants Real Madrid and Barcelona are among five La Liga clubs from whom the Spanish taxman is looking to recover €52 million (RM244 million), online newspaper El Confidencial claimed yesterday. Alongside Atletico Madrid, Sevilla and Valencia, the big two are accused of having avoided tax by paying player’s agents directly....

Labour and unions demand action on temp agencies’ tax avoidance

Opposition vows to shut down scheme that uses ‘contrived’ financial arrangements to slash national insurance bills Labour and trade unions have called on the government to take action after a Guardian investigation found that an aggressive tax avoidance scheme used by temporary recruitment agencies is depriving the taxpayer of “hundreds...

Vietnam Set to Update Transfer Pricing Thresholds from 2017

Vietnam’s Ministry of Finance released a draft circular on October 11th which, if passed, is set to become the largest change to transfer pricing (TP) regulation since the implementation of Circular 66/2010/TT-BTC in 2010 – which the draft updates. Touching on conditionality of TP exemption and thresholds for defining related...

Saudi joins talks on VAT, selective tax in GCC states

The Saudi Council of Ministers has authorized minister of finance or his deputy to discuss two draft uniform agreements on value added tax (VAT) and selective tax for Gulf Cooperation Council (GCC) states. The agreements shall be discussed within the framework of the GCC financial and economic committee, and sign...

KPMG wants better tax systems

Auditing and tax advisory firm KPMG is calling for establishment of the T&T Revenue Authority (TTRA) so there can be a structured way of collecting taxes. “The current main tax authority does not appear to have structured means, if any, of treating with businesses that conceal transaction to avoid tax...

Ghana loses US$2.1 billion to tax evasion annually

Ghana loses nearly $2.1 billion dollars to tax evasion and incentives annually, reveals a study carried out by the Integrated Social Development Centre (ISODEC), a civil society organisation. According to the study, which was conducted on behalf of the National Coordinating Council of the Public Services International (PSI), there was...